Romania was assigned an additional EUR 1.1 bln of funding under the EU's Modernisation Fund, money that will be invested in new renewable electricity production capacities, in urban heating and gas infrastructure projects to replace coal-fired energy.

In total, the European Union's Modernization Fund has now paid EUR 2.4 bln for 31 projects in seven beneficiary countries, the largest amounts being allocated to Romania (EUR 1.1 bln) and the Czech Republic (EUR 1 bln), Profit.ro reported.

Bulgaria (EUR 197 mln), Poland (EUR 47 mln), Croatia (EUR 88 mln), Latvia (EUR 5 mln) and Lithuania (EUR 1 mln) also received funds.

The investments "will help these member states reduce dependence on fossil fuels in Russia, meet their 2030 climate and energy targets and contribute to the EU's long-term commitment to achieving climate neutrality by 2050", according to the European Commission.

iulian@romania-insider.com

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